Bank holding companies (BHCs) collected about 21% less annuity commission income in the first quarter than they collected in the first quarter of 2009.
BHCs' annuity commissions fell to about $583 million in the first quarter, according Michael White Associates (MWA) L.L.C., Radnor, Pa .
About 40% of the country's 951 BHCs sold annuities in the first quarter, and their annuity sales accounted for about 15% of their $3.9 billion in total insurance sales volume during the quarter, MWA says.
